Nippon Sheet, Asahi shares dive after EU cartel fine

Category sponsor:

Premium links:

Shares in two major Japanese glass makers slid more than 6 percent on Thursday, with a fall in the value of the euro set to hit their earnings on top of fines for taking part in a European auto glass cartel.

An analyst said the fines would have little impact on the earnings of Asahi Glass Co. Ltd. and Nippon Sheet Glass Co. Ltd. as they had largely allowed for the penalties in their accounts.The European Commission imposed its highest ever cartel penalty, fining four companies more than 1.3 billion euros ($1.6 billion) for illegally working together in Europe's 2 billion euro auto glass market.